HomeMy Public PortalAbout2012.018 (01-17-12)RESOLUTION NO. 2012.018
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD APPROVING
THE LANDLORD'S CONSENT TO ASSIGNMENT CONCERNING THOSE
BILLBOARD SITES LEASED BY THE CITY OF LYNWOOD TO BULLETIN
DISPLAYS LLC'S UNDER THAT CERTAIN AGREEMENT FOR LEASE AND
DEVELOPMENT FEES, AS AMENDED, AND AUTHORIZING THE MAYOR TO
EXECUTE SAME
WHEREAS, on October 21, 2008 and again on October 5, 2010, the City
Council approved amendments to an Agreement for Lease and Development Fees
( "Billboard Agreement "), which authorized Bulletin Displays, LLC ( "Bulletin Displays ") to
install certain billboards in the City of Lynwood. Bulletin Displays has now obtained the
financing for the construction of its signs;
WHEREAS, the bank providing the financing, RepublicBankAZ, N.A., requires
that Bulletin Displays temporarily assign its interest in those billboard sites to provide
collateral for the loan by way of a Landlord's Consent to Assignment; and
WHEREAS, the billboard locations subject to the Landlord's Consent to
Assignment are described as Sites #2D, #4, #5, and #10, as described in the Landlord's
Consent to Assignment; and
WHEREAS, the City Council wishes to approve the temporary assignment,
consistent with the terms of the Billboard Agreement so as to allow Bulletin Displays to
fund and develop the billboards in accordance with such Billboard Agreement.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY FIND, ORDER, AND RESOLVE AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The City Council hereby approves the Landlord's Consent to
Assignment in a form approved by the City Attorney and authorizes the Mayor to
execute same.
Section 3. This Resolution shall become effective immediately upon its
adoption.
PASSED, APPROVED and ADOPTED this 17 day of January, 2012.
Jim Morton, Mayor
ATTEST:
Maria Quinonez, City Clerk
APPROVED AS TO FOR
Fred Galante, City Attorney
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of Lynwood, do hereby certify that the
foregoing Resolution was passed and adopted by the City Council of the City of
Lynwood at a regular meeting held on the 17 day of January, 2012.
AYES: COUNCIL MEMBERS CASTRO, RODRIGUEZ, SANTILLAWBEAS,
ALATORRE AND MORTON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
f
Maria Quinonez, City Clerk
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood, and the Clerk of the City
Council of said City, do hereby certify that the above foregoing is a full, true and correct
copy of Resolution No. 2012.018 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated. Dated this 17 day of January,
2012.
Maria Quinonez, City Clerk